- Yi: +7.67
- Trying to bottom out in this area: FUQI
- Attempting to hold the 28 DMA here: $USD
- Up against rising trendline resistance: $GASO and ARM
- Attempting to break above the 28 DMA here: CHK
- Trying to break above some falling trendline resistance: $GOLD and ABX
- Attempting to break above the 65 DMA here: ACH
- Moderately overbought now: $XAU, ABX, ASA, FRO, GDX, GF, GLW, GOOG, GPC, OCR, PTR, RGLD, SHI, SUN, UGA
- Overbought: CBK, CREE, FCX, FXI, LPL, LUFK, NEM, RBS, TLB
- Toppy here: BMY and NOK
- Has gone "parabolic": JOSB
- Anything posted here may be off base.
For those of you who have inquired, the "Yi" is my own proprietary overbought/oversold indicator. A +10 reading generally indicates we are overbought in the overall market, and -4 or a -5 reading is telling us the market is a bit oversold. The "zero line" in between the plus and minus readings will sometimes act as an area of support or resistance, so I tend to keep an eye on that level also. A reading of +20 is extremely overbought, and a -10 indicates the market is extremely oversold.
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